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Keppel O&M Bags Three New Contracts worth $343M

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Keppel Offshore & Marine (Keppel O&M) revealed late Thursday that it has secured three new contracts, which in total are worth $343 million.

Keppel Singmarine – the Group's unit that builds specialized ships – secured two contracts.

The first contract is to build a high-specification deepwater pipelay (S-Lay) vessel for Hydro Marine Services, a subsidiary of McDermott International. Developed by Keppel's Marine Technology Department, the vessel is designed to support advanced pipelay operations, in which pipelines are installed to depths of up to 10,000 feet. Works for the pipelay vessel is scheduled to start in 1Q 2013 and is expected to complete in two and a half years.

McDermott said Thursday that the vessel's tentative name is "Derrick Lay Vessel 2000" (DLV2000).

"DVL2000 is expected to address a market demand we consider to be extremely robust for deepwater pipelines as well as our traditional markets," McDermott's Chairman, President and CEO, Stephen M.Johnson said in a statement.

The second contract won is to build a catamaran air dive support vessel for Australia-based Bhagwan Marine, an offshore oil and gas services provider. The vessel is slated to be deployed to the north west of Western Australia after it is completed in 1Q 2014.

The third contract was won by Keppel Shipyard, which undertakes repair, conversion and upgrading work. Keppel Shipyard is modifying and upgrading a floating production storage and offloading facility for EMAS Offshore Construction and Production. Works on the FPSO are scheduled to be completed in 2Q 2013.

The three contracts brings Keppel O&M full order haul for this year to $8 billion, just shy of its 2011 record of $8.1 billion.

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